Turkey faces risks acting as sanctions 'safe haven' for Russians

ISTANBUL, March 28 (Reuters) - Since Russia's invasion of Ukraine sparked a flurry of Western sanctions on Moscow, at least one oligarch and thousands of other Russians have arrived in Turkey, seen as a safe place to stay, invest and hold assets despite its NATO membership.

Acting as a safe haven raises risks for Turkey's government, banks and businesses that could face tough decisions and penalties if the United States and others ramp up pressure on Moscow with broader "secondary" sanctions.

Some 14,000 Russians have reportedly arrived in Turkey since the war began on Feb. 24, many carrying wads of cash due to blocks on their U.S. credit cards and challenges in doing basic banking. Realtors say many are using cash and converted crypto currencies to buy property as a safe investment

Sourse: Reuters